Over the past few months Memphis, TN has been repeatedly recognized as one of the top cities for black entrepreneurs. From Fast Company to Black Tech and Black Enterprise, Memphis is continually mentioned as a growing city welcoming to African Americans and their business interests. One of the reasons for the bludgeoning promotion is, according to Fast Company “the city’s low unemployment rate in comparison to Atlanta and Montgomery supports a healthy economy to start a business. Nearby Bluff City also boasts a higher percentage of black-owned businesses than Atlanta, while having a lower cost of living index.”
Memphis has a population of an estimated 650,000 with just over 62% being African American (according to wikipedia). The city’s cost of living is about 12% lower than the national average with over “$4.4 billion invested in major recreational, medical, educational, tourism, and lifestyle-oriented projects recently completed or underway.”
When taking a close look at housing prices, Memphis tops Charlotte, NC and Nashville, TN “as the top city for the most opportunity where individuals can afford to live and work” according to Black Enterprise. With growing opportunities for business and a vibrant food and music culture, Memphis may be a hidden gem for interested parties.